Innovative Consulting has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.
Transactions
Mar. 1 Paid rent for the month, $4,000.
3 Paid advertising expense, $1,350.
5 Paid cash for supplies, $1,800.
6 Purchased office equipment on account, $11,500.
10 Received cash from customers on account, $8,600.
15 Paid creditor on account, $3,180.
27 Paid cash for miscellaneous expenses, $700.
30 Paid telephone bill for the month, $550.
31 Fees earned and billed to customers for the month, $37,200.
31 Paid electricity bill for the month, $830.
31 Paid dividends, $2,000.
Journalize the preceding selected transactions for March 2018 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Zenith Consulting Co.
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Office Equipment
LIABILITIES
21 Accounts Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
EXPENSES
51 Rent Expense
52 Advertising Expense
53 Utilities Expense
54 Miscellaneous Expense

Answer:

Date         Account Details               Debit           Credit

Mar. 1       51 Rent Expense              $4,000

                11 Cash                                                 $4,000

To record the payment for rent for the month.

Mar. 3      52 Advertising Expense $1,350

                11 Cash                                                 $1,350

To record the payment for advertising expense.

Mar. 5     13 Supplies                      $1,800

               11 Cash                                                 $1,800

To record the payment for supplies.

Mar. 6    14 Office Equipment      $11,500

              21 Accounts Payable                         $11,500

To record the purchase of office equipment on account.

Mar. 10  11 Cash                          $8,600

             12 Accounts Receivable                     $8,600

To record the receipt of cash from customers.

Mar. 15    21 Accounts Payable  $3,180

               11 Cash                                                 $3,180

To record the payment of creditor on account.

Mar. 27   54 Miscellaneous Expense $700

               11 Cash                                                 $700

To record the payment of Miscellaneous expense.

Mar. 30   53 Utilities Expense       $550

               11 Cash                                                 $550

To record the payment of telephone bill.

Mar. 31    2 Accounts Receivable $37,200

              41 Fees Earned                                 $37,200

To record fees earned and billed to customers for the month.

Mar. 31   53 Utilities Expense       $830

               11 Cash                                                 $830

To record the payment of electricity bill.

Mar. 31   33 Dividends                $2,000

               11 Cash                                                 $2,000

To record the payment of dividends to shareholders.

Explanation:

Innovative Consulting records business transactions as they occur on a daily basis in the general journal.  Journal entries are the first set of records in the accounting books.  They identify the accounts to be debited and the accounts to be credited in the general ledger.

Today you are feeling bullish on UPP stock. You decide the best way to play that opinion is to purchase 5 call options that expire in 4 months with a strike price of 70.00. To lower your risk and your cost basis you simultaneously sell 3 call options that also expire in 4 months with a strike price of 77.50. The current stock price is 70.80. The price of the 70-strike call is 5.50 and the price of the 77.50 strike call is 2.40. The current continuously compounded risk free rate is 3% (annual). 3.
a. Calculate your profit/loss if the ending price of one share of UPP stock is 80.00.
b. Calculate your profit/loss if the ending price of one share of UPP stock is 65.00.

A company will pay a $2 per share dividend in 1 year. The dividend in 2 years will be $4 per share, and it is expected that dividends will grow at 2% per year thereafter. The expected rate of return on the stock is 12%. a. What is the current price of the stock? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. What is the expected price of the stock in a year? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Cortez Company is planning to introduce a new product that will sell for $96 per unit. The following manufacturing cost estimates have been made on 20,000 units to be produced the first year: Direct materials $ 800,000 Direct labor 640,000 (= $16 per hour × 40,000 hours) Manufacturing overhead costs have not yet been estimated for the new product, but monthly data on total production and overhead costs for the past 24 months have been analyzed using simple linear regression. The following results were derived from the simple regression and provide the basis for overhead cost estimates for the new product. Simple Regression Analysis Results Dependent variable—Factory overhead costs Independent variable—Direct labor-hours Computed values Intercept $ 120,000 Coefficient on independent variable $ 5.00 Coefficient of correlation 0.921 R2 0.848 Required: a. What percentage of the variation in overhead costs is explained by the independent variable? 92.10% 45.00% 84.80% 8.48% None of the above

Kevin Hall is saving for an Australian vacation in three years. He estimates that he will need $5,920 to cover his airfare and all other expenses for a week-long holiday in Australia. If he can invest his money in an S&P 500 equity index fund that is expected to earn an average annual return of 10.5 percent over the next three years, how much will he have to save every year if he starts saving at the end of this year? (Round factor values to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)

If Rina's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct _________ using the data provided. However, if Rina's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that ________ would be more appropriate.

What is number one player in chess

Managers in nonprofit organizations must prioritize the needs of

Making the pro-forma financial statements as complicated as possible is always best

An informal trade barrier is created by government actions.
Oa. True
Ob. False

Andrew plans to retire in 40 years. He plans to invest part of his retirement funds in stocks, so he seeks out information on past returns. He learns that over the entire 20th century, the real (that is, adjusted for inflation) annual returns on U.S. common stocks had mean 8.7% and standard deviation 20.2%. The distribution of annual returns on common stocks is roughly symmetric, so the mean return over even a moderate number of years is close to Normal. What is the probability (assuming that the past pattern of variation continues) that the mean annual return on common stocks over the next 40 years will exceed 10%

What are the inventory methods used in accounting?

The number of cases of merlot wine sold by the Connor Owen winery in an eight-year period is as follows:
YEAR CASES OF MERLOT WINE
2005 281
2006 367
2007 409
2008 467
2009 369
2010 511
2011 421
2012 387
Using an exponential smoothing model with an alpha value of 0.20, estimate the smoothed value calculated as of the end of 2012. Use the average demand for 2005 through 2007 as your initial forecast for 2008, and then smooth the forecast forward to 2012. (Round your intermediate calculations and final answer to the nearest whole number.)

Which of the following descriptions pertains to a "Cognitive" style of decision-making? Review Later Decisions derived from the needs, desires, preferences, and/or values of the individual making the decision. This type of decision-making is centered on the individual deciding. An integrated feedback system between the individual/organization making a decision, and the broader environment’s reactions to those decisions. This type of decision-making process involves iterative cycles and constant assessment of the reactions and impacts of the decision. In many ways, decision making (particularly in groups, such as within an organization) is about communicative rationality. This is to say that decisions are derived based on the ability to communicate and share logic, using the firm’s premises and conclusions to drive behavior. Two answers in this answer set are correct. None of the answers in this answer set are correct.

Calculating the Predetermined Overhead Rate, Applying Overhead to Production, Reconciling Overhead at the End of the Year, Adjusting Cost of Goods Sold for Under- and Overapplied Overhead At the beginning of the year, Han Company estimated the following: Overhead $582,400 Direct labor hours 80,000 Han uses normal costing and applies overhead on the basis of direct labor hours. For the month of January, direct labor hours were 6,950. By the end of the year, Han showed the following actual amounts: Overhead $613,320 Direct labor hours 84,100 Assume that unadjusted Cost of Goods Sold for Han was $927,000.
Required:
1. Calculate the predetermined overhead rate for Han. Round your answer to the nearest cent. $ per direct labor hour
2. Calculate the overhead applied to production in January. (Note: Round to the nearest dollar.) $
3. Calculate the total applied overhead for the year. $ Was overhead over- or underapplied? By how much? overhead $
4. Calculate adjusted Cost of Goods Sold after adjusting for the overhead variance.

Explain the different sources of short-term and long-term finance available to a sole trader and
available to a limited company. Advise Chris on whether becoming a sole trader or becoming a
limited company.

6. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply. The quality of goods available to consumers The costs of air and water pollution Expenditures on federal highways The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government When a U.S. company purchases and imports wood from Brazil to use to build new houses within the United States, this purchase increases the component of GDP while also net exports by the same amount. Therefore, the purchase of wood from Brazil causes in US GDP. g

Ross is the CEO of IO Technological Solutions (IOTS), a multinational company. Ross stresses on a decentralized working environment and is very friendly with his staff. In board meetings, he stresses that every top level employee at IOTS should focus on building a personal relationship with his or her team members and mentor them to succeed in their work. In this scenario, Ross focuses on a __________ for his company. Group of answer choices hierarchy culture market culture clan culture adhocracy culture

Middle management is the intermediate management level accountable to top management and responsible for leading lower level managers. Which of the following is not a typical function of middle management? Middle management is at the center of a hierarchical organization, subordinate to the senior management but above the lowest levels of operational staff. Middle managers are accountable to top management for their department’s function. They provide guidance to lower-level managers and inspire them to perform better. Middle managers balance a functional or technical understanding of those who report to them with the interpersonal skills of a manager. This form of leadership requires a strong ability to communicate, mentor, train, hire, organize, optimize processes, and prioritize. Middle-management functions generally revolve around enabling teams of workers to perform effectively and efficiently and reporting these performance indicators to upper management. Middle management may be reduced in organizations as a result of reorganization. Such changes can take the form of downsizing," delayering," and outsourcing.

EcoFabrics has budgeted overhead costs of $945,000. It has allocated overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be 450,000 for the current year. The company has decided to experiment with activity-based costing and has created two activity cost pools and related activity cost drivers. These two cost pools are cutting (cost driver is machine hours) and design (cost driver is number of setups). Overhead allocated to the cutting cost pool is $360,000, and $585,000 is allocated to the design cost pool.Additional information related to these pools is as follows:Machine hours wool: 100,000Number of set ups wool: 1,000Machine hours cotton: 100,000Number of set ups cotton: 500Machine hours total: 200,000Number of setups total: 1,500The amount of overhead allocated to the wool product line and the cotton product line using activity-based costing & traditional approach is as follows:ABC wool: $570,000Traditional wool: $472,500ABC cotton: $375,000Traditional cotton: $472,500Required:How does allocation using the traditional approach compare with the amount allocated using ABC?

HELP HELP HELP MEEE

if joseph is paid 225$ for the week and he worked 20 hours during the week what is his fixed rate?

How can social media endanger the safety of military service members and journalists?


Hackers may install spyware on government computers.


GPS technology may accidentally leak confidential information about location.


Communicating with friends and family while overseas leads to danger.


Terrorist groups may use social media to recruit new members.

Allocation is the distribution of a good or service.


True

False

Southwest Airlines is able to keep fares low, in part because of relatively low maintenance costs on its airplanes. One of the main reasons for the low maintenance costs is that Southwest flies only one type of aircraft: the Boeing 737. However, Southwest flies three different versions of the 737. Suppose Southwest decides to conduct a study to determine whether there is a significant difference in the average annual maintenance costs for the three types of 737s used. a. State a measurable dependent variable for such a study. b. State a factor that might affect the independent variable, and list at least three levels.

Journalize the following five transactions for Nexium & Associates, Inc. Omit explanations.March 1 - Bills are sent to clients for services provided in February in the amount of $800.March 9 - Corner Office, Inc. delivers office furniture ($1,060) and office supplies ($160) to Nexium leaving an invoice for $1,220.March 15 - Payment is made to Corner Office, Inc. for the furniture and office supplies delivered on March 9.March 23 - A bill for $430 for electricity for the month of March is received and will be paid on its due date in April.March 31 – Salaries of $850 are paid to employees.For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".

Jim wants to start his own business and needs $10,000 for working capital. He applies for a business loan at FirstBank. The banker tells Jim that the Bank will make the loan if Jim's father will personally guarantee repayment of the loan. Jim assures the banker that his father will do this. The banker calls Jim's father to confirm that he will guarantee Jim's $10,000 loan. Jim's father says: "Sure thing, I'd do anything for that boy." The bank makes the loan to Jim. Jim's new business is not successful and Jim is unable to repay the loan. Jim has no money. Jim's father has buckets of money. The bank sues Jim's father to recover the unpaid amount of the loan plus interest plus attorneys' fees and costs of collecting the debt.
Which of the following is true?
A. Jim's father can make a strong argument that he is not liable to pay his son's debt because the Bank did not have him sign a written guaranty agreement.
B.The oral agreement to guaranty the loan is not enforceable because it is contrary to public policy.
C.Jim’s father is liable to pay his son’s debt because the Bank partially performed under the loan agreement.
D.If it can be proven in a court of law that Jim's father orally agreed to guarantee the loan, Jim's father will be held liable for the repayment of the loanbecause 'a deal is a deal'.

During 2020, Stellar Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Stellar for a lump sum of $137,655 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated Selling Price Each Lounge chairs 920 $90 Armchairs 690 80 Straight chairs 1,610 50 During 2020, Stellar sells 460 lounge chairs, 230 armchairs, and 276 straight chairs. What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.) Gross profit realized during 2020 $enter a dollar amount 27,232 Amount of inventory of unsold straight chairs $enter a dollar amount 42,021

NU YU announced today that it will begin paying annual dividends. The first dividend will be paid next year in the amount of $.53 a share. The following dividends will be $.58, $.73, and $1.03 a share annually for the following three years, respectively. After that, dividends are projected to increase by 3.6 percent per year. How much are you willing to pay today to buy one share of this stock if your desired rate of return is 10 percent? Multiple Choice $16.67 $17.27 $3.40 $17.20 $13.60

upo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours32,800 Total fixed manufacturing overhead cost$164,000 Variable manufacturing overhead per machine-hour$ 5 Recently, Job T687 was completed with the following characteristics: Number of units in the job10 Total machine-hours30 Direct materials$ 745 Direct labor cost$1,490 The unit product cost for Job T687 is closest to: (Round your intermediate calculations to 2 decimal places.)

A three-year bank CD paying 7.23 percent compounded quarterly. Calculate effective annual interest rate (EAR)? (Round answer to 2 decimal places, e.g. 15.25%.) Effective annual rate % eTextbook and Media A three-year bank CD paying 7.03 percent compounded monthly. Calculate effective annual interest rate (EAR)? (Round answer to 2 decimal places, e.g. 15.25%.) Effective annual rate % eTextbook and Media A three-year bank CD paying 7.53 percent compounded annually. Calculate effective annual interest rate (EAR)? (Round answer to 2 decimal places, e.g. 15.25%.) Effective annual rate % eTextbook and Media Which of the above investments has the highest effective annual interest rate (EAR)?

Garvey's Fine Furnishings manufactures upscale custom furniture. currently uses a plantwide overhead rate based on direct labor hours to allocate its of manufacturing overhead to individual jobs.​ However, ​, owner and​ CEO, is considering refining the​ company's costing system by using departmental overhead rates.​ Currently, the Machining Department incurs of manufacturing overhead while the Finishing Department incurs of manufacturing overhead. has identified machine hours​ (MH) as the primary manufacturing overhead cost driver in the Machining Department and direct labor​ (DL) hours as the primary cost driver in the Finishing Department.
Requirement 1. Compute the plantwide overhead rate assuming that Garvey's expects to incur 30,000 total DL hours during the year First identify the formula, then compute the rate.
Total manufacturing overhead / Cost allocation base = Plantwide overhead
(estimated) rate
$1,290,000 / 30,000 = 43
Requirement 2. Compute departmental overhead rates assuming that Garvey's expects to incur 14,500 MH in the Machining Department and 17,500 DL hours in the Finishing Department during the year. First identify the formula, then compute the rate for each department.
Total department / Cost allocation base = Departmental
overhead (estimated) overhead rate
Machining 870,000 / 14,500 = 60 per mach hour
Finishing 420,000 / 17,500 = 24 per DL hour
Requirement 3. If Garvey's continues to use the plantwide overhead rate, how much manufacturing overhead would be allocated to Job 450 and Job 455? Identify th formula, then calculate the amount of manufacturing overhead that would be allocated to the jobs if the plantwide overhead rate is used.
Actual use of Manufacturing overhead
Plantwide overhead rate x allocation base = allocated
Job 450 43 x 5 = 215
Job 455 43 x 5 = 215
Requirement 4. Based on your answers to Requirements 2 and 3, does the plantwide overhead rate overcost or undercost either job? Explain. If Garvey's sells its furniture at 125% of cost, will its choice of allocation systems affect product pricing? Explain.
The single plantwide rate undercosts Job 450 by $1 and undercosts Job 455 by $216.